Eight Rules for Investing in a New Accounting System - Slide 9

Business owners and employees need information at their fingertips. Individual department managers must work on their own goals without losing sight of overall company objectives. They need clean period cutoff in individual ledgers (like AP and AR) and the ability to quickly begin work in a new accounting period. Employees need to stay informed about their progress towards incentive goals and bonuses. Financial managers need to identify dangerous trends immediately. Today’s businesses need information that is accessible and readily available in the form of inquiries as well as customizable reports and dashboards.

A good financial and accounting system, like a powerful engine on a seafaring vessel, should propel your business forward. It should give you the specific insights you need to spot the storms ahead, help you maximize resources with streamlined processes, and be nimble enough to help you navigate the changing currents of today’s business environment. It should turn information into insights and give your employees the access they need to make informed decisions. Despite vendor claims, many accounting systems do just the opposite. They tie you down, restrict your progress, and make you change the way you operate on a daily basis. Rather than offering you ‘smooth sailing’ as you steer your business forward, these ineffective software packages act like anchors that keep your business stuck. Accounting software is a strategic investment, and you should not settle for less than exactly what you need to reach your business goals. Before you embark on a search for the right solution, you need to make sure you have the facts straight about what to look for, and more importantly, what to look out for.

Sailors learn not only what to do in an emergency, but also how to identify potential trouble — and what flag to raise when they see it coming. In this slideshow, Intacct, a provider of cloud-based accounting software, offers tips on how to avoid making the wrong system decision by separating the characteristics that matter from those that could run your business aground. You’ll learn how to compare fair-weather solutions to systems that are designed to weather rough regulatory seas, facilitate international business, and provide clear navigational guidance. The goal is to help you find a system that provides a solid foundation to help your business steam ahead—rather than just stay afloat. By taking the time to carefully select the right solution, you can confidently set sail on a grand business adventure.